Too many blacks and hispanics are starting to have assets. BOA is like "we gotta do something about that". This is really just a bid to rob them like is 2008.
You are right, this will only keep them down. BOA is NOT a reputable company. The best approach for everyone is avoid BOA like the plague, then that will eat into their profits just like many of the companies: Bed, Bath and Beyond, Target, Kohl’s, etc.
The same ones who demand America leave its borders wide open while keeping their own countries borders sealed shut while plainly stating "multiculturalism doesn't work for us".
A few banks went under in 2008 but what really happened is your tax dollars went to bail them out while bank execs got huge bonuses and the Federal government got more control of the private sector.
added for clarification:
Tax payers bailed the banks/hedge funds out. Small investors saw their pension/401k/IRA gutted because of the write-off for mortgage backed derivatives that were worthless. Government put tighter controls on bank lending practices because of FDIC compliance (not necessarily a bad thing) but did nothing to address the real problem which were predatory loan practices aimed at low-income people that should not have been taking out mortgages they could not afford to pay back, The banks lumped all those bad loans in with good loans and then sold them as investment vehicles (mortgage backed derivatives). The banks knew what they were doing was going to eventually fail yet did it anyway. NOBODY WENT TO JAIL. The "Community re-investment act" is still in effect.
The banks repackaged borrowers loans and sold them sometimes 3X to China. They were also giving out loans based on stated income and not verifying employment/income/credit score. It was such a mess.
How Black do I need to be exactly? One drop? One percent? I, unfortunately, did the Ancestry DNA test many years ago before I knew wtf was going on and I'm 1% within 6 generations, do I qualify?
Now the bank has to prove conclusively that I'm not, or else hand over the money.
And the law precludes their forcing me to have a blood test as a condition of receiving a mortgage. Especially since they aren't requiring one of every melanin-advantaged black person who walks through the door.
I think the way they are trying to circumvent the discrimination law is by saying this policy only applies in these specific all-black / all-latino neighborhoods. So if you're a white person buying a house in that all-black neighborhood then I don't think they can legally deny you.
Of course they may deny, just highlighting how they are approaching it.
Edit: Apparently this is called "Redlining" which is also illegal.
You might want to test it and apply as white. Wouldn't be surprised if whites get the same opportunity (because of the discrimination thing) and also so boa can make more loans for inflated market right now. Boa isn't stupid. They aren't going to overtly open themselves up for a suit but they will virtue signal the life out of something, given the opportunity.
White guy growing up in Southern California, I know only a couple “black” people but I know a SHIT TON of Hispanics (plus, I married one) does this qualify me as “identifies adjacent.” Where do I sign? Fuck it, I’ll just have my wife use her maiden name... booom!
Discriminating against whites is the cover they use to destroy blacks and hispanics who will end up buying what they cant afford.
Before 2008, Lowdoc/Nodoc/Nodeposit loans were everywhere. We never understood how banks could afford to make such loans, until, of course, 2008 opened our eyes and taught us important lessons.
Yeah, it seems like they're doing the same thing to try to get an inevitable bailout like in 08 only this time they're using virtue as their guise. So many birds with few stones, harm the Blacks and Hispanics while at the same time get bailouts.
All you have to do is check a box. Nobody is going to check on you, and if they do, just claim "Hispanic" ancestry and piint out that most Spaniards are white. Been doing it for years.
Clever! "Hispanic" includes white Europeans from Spain, while "Latino" doesn't.
But Latino includes white English speakers from Belize (British Guyana), white Dutch speakers from Surinam (Dutch Guyana), and white Portuguese speakers from Brazil, none of whom are Hispanic :)
Curious why those particular cities were chosen, and about if illegal aliens are eligible. Bank of Astroturfing America... 🤔 DeSantis better keep a close eye on Miami, and Abbott on Dallas.
this is part of what put the financial meltdown in place when Clinton started this....no job no problem, no downer no problem, no means of repayment no problem, we trust you wink wink.........guess they can spend the drug money now
LOL what a trap that is! It's not only illegal what they're doing is setting these goof balls up to fail! They will 100% default on a mortgage they can't afford and the bank repossess the property!
You could say it is predatory lending aimed at minorities, some of whom will be enticed into mortgages they can't really afford and end up getting foreclosed on.
And when the fiat fake money collapses, they don't want it..they want tangible assets like land and precious metals. Why do you think they're intentionally tanking gold and silver right now? ..so they can buy up as much of it as they can with their fiat fake (soon to be collapsed) money before it becomes completely worthless.
Notice the specific cities where they are offering this…. And notice it says “select neighborhoods.” Perhaps the bank owns a bunch of loser properties in bad neighborhoods and they want to unload them?
It's hilarious to see the most liberal American societies fully accept discrimination against White Caucasian Americans and Unvaccinated Americans. They are completely and totally fine with that, but if you discriminate against Women, Minorities, Gays or Transexuals you will be hung from the highest tree and called a Nazi. I truly hate this country, I hate the centralization of corporations + government, and the Liberal World Order.
Why didn’t they offer loans two years ago when the interest rates were at 3%? Oh yeah, because the market is fu*%ed up from the Resident “I shit myself” and his clown show which was completely intentional IMO. Now they will use the banking cartel to act as though they give a shit offering loans at what 6-8% interest to Blacks and Hispanics. Predatory loan practices is exactly that! I lived in Las Vegas when the market dropped out. The service industry people were hit so hard and lost everything taking years to recovery.
Reverse descrimination has been around since the 70s as affirmative action. I was once passed up for a merit scholarship in favor of someone else with a much lower GPA and academic acheivement due to skin color alone. Since race was not a criterion, only merit, I seriously considered suing, but didn't because I was young and didn't have money or gumption to do so.
Yeah it's a scam of epic proportions all over again. 2008 redux, with more bailouts on the way. ARMs, Balloons soon to be NINJAs we've seen how this game ends, now that we all know how it's played.
The only up side is to get
ahead of the dead cat bounce when they refuse to let it die, after you've shorted it all the way down. Maybe play some of the Tranche this time around with CDOs
I am transracial, transethnic, and transexual. I know I may look like a white European dude, but I identify as a Black Latino Transwoman. My preferred pronoun is BLT.
Equal Credit opportunity act: This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.
Too many blacks and hispanics are starting to have assets. BOA is like "we gotta do something about that". This is really just a bid to rob them like is 2008.
You are right, this will only keep them down. BOA is NOT a reputable company. The best approach for everyone is avoid BOA like the plague, then that will eat into their profits just like many of the companies: Bed, Bath and Beyond, Target, Kohl’s, etc.
Who actually owns the banks, hmm?
Who do you think?
Those darn Amish do everything.
They even raise barns!
Two-hatters
The same ones who demand America leave its borders wide open while keeping their own countries borders sealed shut while plainly stating "multiculturalism doesn't work for us".
But... but.... they're our best friend!
2008 again. Except the market will crash due to other reasons
Terrific insight
Wait, then it's not discrimination if everyone gets shit on, right? 😁😅
Isnt this part of what lead to 2008? Yiving loans to people we know can't afford them, and marketing them purposefully towards low income borrowers?
A few banks went under in 2008 but what really happened is your tax dollars went to bail them out while bank execs got huge bonuses and the Federal government got more control of the private sector.
added for clarification:
Tax payers bailed the banks/hedge funds out. Small investors saw their pension/401k/IRA gutted because of the write-off for mortgage backed derivatives that were worthless. Government put tighter controls on bank lending practices because of FDIC compliance (not necessarily a bad thing) but did nothing to address the real problem which were predatory loan practices aimed at low-income people that should not have been taking out mortgages they could not afford to pay back, The banks lumped all those bad loans in with good loans and then sold them as investment vehicles (mortgage backed derivatives). The banks knew what they were doing was going to eventually fail yet did it anyway. NOBODY WENT TO JAIL. The "Community re-investment act" is still in effect.
Correct.
I was thinking the same thing… we’ve seen this before…. Huge bubble, then a crash. The Movie “The Big Short” shows what happened.
YOYO
You Only Yive Once :)
Dang, got me! I deserve this!
LOL at least the G is right next to the Y...
just a tgpo! :)
The way I grammar police other folks, this is unacceptable.
Don't be too hard on yourself anon! Grammar copping the internet is a fool's errand anyway, as I learned decades ago being a werdnerd.
Typos are human. They're nothing to worry about on a message forum.
The banks repackaged borrowers loans and sold them sometimes 3X to China. They were also giving out loans based on stated income and not verifying employment/income/credit score. It was such a mess.
Yes
How Black do I need to be exactly? One drop? One percent? I, unfortunately, did the Ancestry DNA test many years ago before I knew wtf was going on and I'm 1% within 6 generations, do I qualify?
I don't see why not. 1/1024 (0.0009765625%) worked for the fake indian when she got college aid.
And that bitch is whiter than the vast majority of the population.
I was thinking the same thing.
🤣🤣🤣 so true!
Hell yes, anon.
Me, I'm just IDENTIFYING as black.
Now the bank has to prove conclusively that I'm not, or else hand over the money.
And the law precludes their forcing me to have a blood test as a condition of receiving a mortgage. Especially since they aren't requiring one of every melanin-advantaged black person who walks through the door.
Game over, bitches!
I'd say Hispanic. I've met plenty of really white Hispanics.
Rachael Dozeal has joined the chat... ;-)
😅😅
Perfect!
I think the way they are trying to circumvent the discrimination law is by saying this policy only applies in these specific all-black / all-latino neighborhoods. So if you're a white person buying a house in that all-black neighborhood then I don't think they can legally deny you.
Of course they may deny, just highlighting how they are approaching it.
Edit: Apparently this is called "Redlining" which is also illegal.
You might want to test it and apply as white. Wouldn't be surprised if whites get the same opportunity (because of the discrimination thing) and also so boa can make more loans for inflated market right now. Boa isn't stupid. They aren't going to overtly open themselves up for a suit but they will virtue signal the life out of something, given the opportunity.
Do you already own a home? What happens if you identify as a renter?
I'm renting from the bank...
But what if you just "identify" as being black or Hispanic?
Ask Talcum X or Rachel Dolezol.
White guy growing up in Southern California, I know only a couple “black” people but I know a SHIT TON of Hispanics (plus, I married one) does this qualify me as “identifies adjacent.” Where do I sign? Fuck it, I’ll just have my wife use her maiden name... booom!
That'll do it!
Discriminating against whites is the cover they use to destroy blacks and hispanics who will end up buying what they cant afford.
Before 2008, Lowdoc/Nodoc/Nodeposit loans were everywhere. We never understood how banks could afford to make such loans, until, of course, 2008 opened our eyes and taught us important lessons.
Yeah, it seems like they're doing the same thing to try to get an inevitable bailout like in 08 only this time they're using virtue as their guise. So many birds with few stones, harm the Blacks and Hispanics while at the same time get bailouts.
All you have to do is check a box. Nobody is going to check on you, and if they do, just claim "Hispanic" ancestry and piint out that most Spaniards are white. Been doing it for years.
Clever! "Hispanic" includes white Europeans from Spain, while "Latino" doesn't.
But Latino includes white English speakers from Belize (British Guyana), white Dutch speakers from Surinam (Dutch Guyana), and white Portuguese speakers from Brazil, none of whom are Hispanic :)
Hispanic: people who are descended from Spanish speaking culture or ancestry, regardless of race or national origin. Per US census guidelines.
Nothing for indeginous people?
Fucking bigots
Curious why those particular cities were chosen, and about if illegal aliens are eligible. Bank of Astroturfing America... 🤔 DeSantis better keep a close eye on Miami, and Abbott on Dallas.
Oh, yeah! We get to bail out the banks again! Home mortgage forgiveness but only for BLM members.
I'm a trans male, do I qualify for preferential loans?
I transitioned to female, and then transitioned to male 30 seconds later.
Don't see why not. Ima lesbian; definitely a man but exclusively love women.
this is part of what put the financial meltdown in place when Clinton started this....no job no problem, no downer no problem, no means of repayment no problem, we trust you wink wink.........guess they can spend the drug money now
LOL what a trap that is! It's not only illegal what they're doing is setting these goof balls up to fail! They will 100% default on a mortgage they can't afford and the bank repossess the property!
With the state of the stock market in intentional decline, people pulling their money out, the rise of inflation.
When shit hits the fan your house valuation is going to drop and mortgage payments will continue to rise.
It's just another cash grab, debt slavery and mass homelessness plot from the banks.
You must be insane to be buying in this market.
They don't care. BOA is "too big to fail", so these minorities will default and then taxpayers will pay off their mortgages like we did last time.
So many scams being woven together with the express intent of weakening and destroying America
You could say it is predatory lending aimed at minorities, some of whom will be enticed into mortgages they can't really afford and end up getting foreclosed on.
The new fannie and Freddie
Bank of America is one of the deep state shit banks. They're making slaves.
^^ This
And when the fiat fake money collapses, they don't want it..they want tangible assets like land and precious metals. Why do you think they're intentionally tanking gold and silver right now? ..so they can buy up as much of it as they can with their fiat fake (soon to be collapsed) money before it becomes completely worthless.
Notice the specific cities where they are offering this…. And notice it says “select neighborhoods.” Perhaps the bank owns a bunch of loser properties in bad neighborhoods and they want to unload them?
This is exactly it.
Isn't this what caused the 2008 housing market crash?
Better make sure there's no clauses in these contracts to introduce variable interest rates after the first late payment. Kek.
If I were a first time buyer...LAWSUIT!
I now identify as a Black Hispanic.
Hola, Homie!
Bank of America = Racists
Just going to start calling these companies what they are.
It's amazing that no one has filed a discrimination suit yet.
Exactly right.
Scrambling before the SCOTUS slaps down the real racism in this country - affirmative action
It's hilarious to see the most liberal American societies fully accept discrimination against White Caucasian Americans and Unvaccinated Americans. They are completely and totally fine with that, but if you discriminate against Women, Minorities, Gays or Transexuals you will be hung from the highest tree and called a Nazi. I truly hate this country, I hate the centralization of corporations + government, and the Liberal World Order.
But…but whut about Elizabeth Warren?
The perfect mortgage insurance trap.
But the interest rate on the loan us 9%...just kidding?
Why didn’t they offer loans two years ago when the interest rates were at 3%? Oh yeah, because the market is fu*%ed up from the Resident “I shit myself” and his clown show which was completely intentional IMO. Now they will use the banking cartel to act as though they give a shit offering loans at what 6-8% interest to Blacks and Hispanics. Predatory loan practices is exactly that! I lived in Las Vegas when the market dropped out. The service industry people were hit so hard and lost everything taking years to recovery.
Reverse descrimination has been around since the 70s as affirmative action. I was once passed up for a merit scholarship in favor of someone else with a much lower GPA and academic acheivement due to skin color alone. Since race was not a criterion, only merit, I seriously considered suing, but didn't because I was young and didn't have money or gumption to do so.
Yeah it's a scam of epic proportions all over again. 2008 redux, with more bailouts on the way. ARMs, Balloons soon to be NINJAs we've seen how this game ends, now that we all know how it's played. The only up side is to get ahead of the dead cat bounce when they refuse to let it die, after you've shorted it all the way down. Maybe play some of the Tranche this time around with CDOs
Rock star margins all the way to the bank.
I am transracial, transethnic, and transexual. I know I may look like a white European dude, but I identify as a Black Latino Transwoman. My preferred pronoun is BLT.
So I qualify for this program, yes?
I guess they’ll be removing any requirements for ID.
Its also Illegal, cant wait to see the lawsuits.
Equal Credit opportunity act: This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.